Solana Price Prediction as Sam Bankman-Fried Enters FBI Custody – Has SOL Bottomed Out?

The solana price remains flat in the past 24 hours at $12.09, following the news that former FTX CEO Sam Bankman-Fried has enetered FBI custody and is being extradited to the United States. It's also down by 14% in a week and by 67% since the November collapse of FTX, which had been a big supporter of Solana and its ecosystem.

Timeline of Solana

Solana price analysis continues to show a bearish trend from the past 24 hours, as price remains stuck around the $12 mark. The current trend follows from December 16, when SOL receded 12 percent to move down to $11.96.

Institutional investors have allocated more than $1 million to cryptocurrency investment products offering them exposure to Solana ($SOL), despite the market seeing “broad negative sentiment” that has seen crypto investment products experience outflows.

Solana price prediction: a bearish breakdown of the month-long range setup puts Solana's price in a longer correction. Thus, losing the $12.75 support may intensify the ongoing selling pressure and push the prices back to the last swing low of $11.35.

Solana (SOL) Price News: The Solana network came under immense pressure with the recent collapse of FTX and the subsequent bankruptcy. The blockchain lost value quite rapidly with the news of the Sam Bankman-Fried‘s crypto empire facing liquidity issues.

Solana price analysis suggests an upward movement to $12.50 The closest support level lies at $12.00 SOL faces resistance at the $12.59 mark The Solana price analysis shows that the SOL price action has stabilized at $12.00 and moves to recover $12.

At one point, crypto investors tipped Solana [SOL] to become the “Ethereum [ETH] killer,” since it offered better speed and scalability than the latter. Some time back, the permissionless DeFi solution acted like it was up to the task.

Solcial, the first Solana-based social network that allows its users to create and share content that gets rewarded fairly, has just launched on Solana's mainnet. Since November, Solcial has been invite-only as they finalized some key features.

Solana was scrutinized extensively after speculations appeared connecting it to the bankrupt FTX. The network's perception of FTX was drastically altered by the occurrence, and the resulting fear, uncertainty, and doubt (FUD) proved challenging to dispel.

Solana price analysis for December 17, 2022, reveals the market following a complete bearish movement; however, Solana has obtained massive negative momentum, signifying a decline for the SOL market. The price of Solana has remained negative over the past few hours.

Solana price analysis for December 16, 2022, reveals the market following a complete bearish movement; however, Solana has obtained massive negative momentum, signifying a decline for the SOL market. The price of Solana has remained negative over the past few hours.